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Sensex closes 422 points lower led by heavy selling in energy, auto stocks

sandhya@khaleejtimes.com Filed on July 29, 2020
The S&P BSE Sensex and NSE Nifty 50 ended sharply lower as Sensex fell as much as 608 points and Nifty 50 index dropped below its important psychological level of 11,200. - Reuters

Six of 11 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Auto index's 1.2 per cent decline.

The Indian stocks closed on negative note as top heavyweights Reliance Industries, HDFC Bank, Tata Consultancy Services, Infosys, HDFC and HCL Technologies came under heavy selling pressure, wiping off over 400 points from the Sensex.

The S&P BSE Sensex and NSE Nifty 50 ended sharply lower as Sensex fell as much as 608 points and Nifty 50 index dropped below its important psychological level of 11,200.

The Sensex ended 422 points or 1.1 per cent lower at 38,071 and Nifty 50 index fell 98 points to close at 11,203.

Six of 11 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Auto index's 1.2 per cent decline. Financial Services, energy, IT and banking shares were also faced selling pressure, reported Indian media.

S Hariharan, Head - Sales Trading, Emkay Global Financial Services, said: "From a technical standpoint, 11300 is an important resistance level on Nifty, and Banknifty is expected to under-perform the broader index. IT and FMCG indices have been out-performers, while Pharma index is trading close to an important technical resistance. Implementation of new margin guidelines for the cash segment can be expected to be a short-term dampener on market volumes, which have trended strong for the last 2 months."

Mid- and small-cap shares outperformed their larger peers as Nifty Midcap 100 index rose 0.48 per cent and Nifty Smallcap 100 index ended on a flat note.

Reliance Industries was top Nifty loser, the stock dropped 4 per cent to Rs 2,092 a day ahead of its June quarter earnings. - sandhya@khaleejtimes.com

 

author

Sandhya D'Mello

Journalist. Period. My interests are Economics, Finance and Information Technology. Prior to joining Khaleej Times, I have worked with some leading publications in India, including the Economic Times.


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